GST Analytics wing to identify risky suppliers to exporters

GST Analytics wing to identify risky suppliers to exporters

The Central Board for Indirect Taxes and Customs has asked its GST risk management wing to conduct a supply chain analysis identifying risky major suppliers to exporters and share the data with jurisdictional field officers. Last year alone, the CBIC detected several cases where firms availed credit fraudulently by claiming refund of Integrated Goods and Services Tax on exports of goods. To mitigate the risk and repeat occurrence of such a situation, the CBIC has been taking stringent measures, including applying risk parameter based checks.  Exporters falling under the risky category are subject to 100% Customs examinations, and their refunds are kept in abeyance. The verification report identifying suppliers as risky will be sent by GST and customs Commissionerates directly to the Directorate General of Analytics and Risk Management (DGARM) who will take the decision on granting a No Objection Certificate or otherwise based on verification reports.

Recent posts
Top 5 ways manufacturers can avoid US sales and use tax problems
5 Things Marketplace Sellers Need to Know About US Sales Tax
What to know about the US Sales Tax nexus?

Prepare your business for e-invoicing under GST

Discover how to meet all compliance requirements while integrating e-invoicing into your tax function.

Prepare your business for e-invoicing under GST

Stay up to date

Sign up for our free newsletter and stay up to date with the latest tax news.